Binance’s $33M charity donation to Malta was rejected over reputational concerns, sparking political debate among top officials.
A rejected $33 million donation from Binance Charity has triggered a political divide in Malta. The donation, originally offered in 2018 and now worth around $33 million due to the rise in BNB’s value, was turned down by the Malta Community Chest Fund (MCCF). This move has now led to public disagreements among top government officials and political leaders.
Finance Minister Supports Rejection Over Reputational Concerns
Finance Minister Clyde Caruana supported the decision made by the MCCF to decline the donation from Binance. He said the refusal was justified, citing reputational concerns surrounding the source of the funds. Speaking to the Times of Malta, Caruana stated, “You either give to charity or you don’t. Don’t dance around it.”
The MCCF rejected the 30,644 BNB donation—originally valued at $200,000 in 2018 but now worth around $33 million. The organization reportedly declined to provide Binance with patient data such as medical records and crypto wallet addresses, which Binance had requested to ensure the funds were sent directly to beneficiaries.
President Labels Donation as Bogus Amid Trust Concerns
Malta’s President Myriam Spiteri Debono criticized the donation earlier in October. She described it as a “bogus donation” and questioned Binance Charity’s motives. Speaking at a school event, she said the company “does not have a good name” and warned it would be unfair to donors who follow the law.
Binance, however, insists it cannot release the funds without the required details. In a 2021 statement, Binance said the MCCF had not submitted crypto wallet addresses or documents for the end-beneficiaries, which were necessary to complete the transaction. Discussions between the two parties have not led to any resolution since then.
Prime Minister and Other Officials Urge Reconsideration
Prime Minister Robert Abela expressed concern over the missed opportunity. In a press conference, he urged the MCCF to revisit its decision. “It upsets me that a sum like that… could possibly be lost,” he said, adding that a mutual agreement should be reached.
Other Maltese lawmakers, including Edward Zammit Lewis and Rosianne Cutajar, also supported this view. Opposition party leader Alex Borg joined them in suggesting that the MCCF could have found a way to accept the funds for public benefit.
The donation issue has grown beyond charity and turned into a national debate, with political figures taking opposing sides. As discussions continue, the $33 million donation remains unallocated, and the future of the funds is still uncertain.